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Loan Modification

New Data Shows Loan Mod Logjam Continues

ProPublica | Posted 05.25.2011 | Business
ProPublica

By Paul Kiel, ProPublica. New data released Friday shows that the story for the government’s foreclosure prevention program remains the same: M...

Shahien Nasiripour

Obama Foreclosure-Prevention Plan Lagging, New Data Shows (EXCLUSIVE)

HuffingtonPost.com | Shahien Nasiripour | Posted 05.25.2011 | Business

Only about a third of the homeowners who have successfully completed the trial period of the Obama administration's mortgage modification program have...

Hard Times Update: Readers Share Tales of Foreclosure Schemes, Mortgage Misfortune

Amanda Zamora | Posted 05.25.2011 | Business
Amanda Zamora

Send Us Your Tips and 'Bandit Sign' PhotosLast month, we put out a call for stories and photos to help document the effect that "Hard Times ...

Fighting Foreclosure: Wells Fargo, You Never Knew What Hit You

Wajahat Ali | Posted 05.25.2011 | Business
Wajahat Ali

I was the guy who was going to save these people from being evicted from their own home? Who was I kidding?

Hard Times Profiteers: Help HuffPost Investigative Fund Investigate 'Signs Of Deception' (VIDEO)

Huffington Post | Ben Protess, Amanda Zamora and Lagan Sebert | Posted 05.25.2011 | Business

Drive through most any city in America and the offers will leap out at you: "Repair Your Credit!" "Modify Your Loan!" "Sell Your House Quick!" The ...

Loan Modifications: A $4 Billion Con Game

Richard Zombeck | Posted 05.25.2011 | Business
Richard Zombeck

Banks and servicers have fleeced nearly $4 billion from homeowners on false hope and empty promises. For the relative few, like my wife and I who received permanent mortgage modifications after a 15-month battle, the fight is far from over.

Obama Foreclosure

nytimes.com | PETER S. GOODMAN | Posted 05.25.2011 | Business

The Treasury was still debating the method, these banking representatives said, looking at either direct cash assistance or a grace period in which bo...

Big Banks Repeatedly Bending Loan Modification Rules

ProPublica | Posted 05.25.2011 | Business

Nathan Reynolds is something of an expert on the government's foreclosure prevention program. A mortgage broker who's worked in the Chicago area since...

Mortgage Modification Plan Has Helped 20 Percent Of Eligible In Califofrnia, Nevada And Arizona

AP | ALAN ZIBEL | Posted 05.25.2011 | Business

WASHINGTON — The Obama administration's mortgage relief program has reached one in five eligible homeowners, a government report says, but most ...

Shahien Nasiripour

Anatomy Of A Failed Foreclosure Program

HuffingtonPost.com | Shahien Nasiripour | Posted 05.25.2011 | Business

Just how badly is President Obama's $75 billion foreclosure program working out? Consider these newly-released numbers: Out of every 100 homeowners wh...

HAMP Is Failing, Government May Reconsider Forgiving Homeowner Debt: Barclays

ftalphaville.ft.com | Tracy Alloway | Posted 05.25.2011 | Business

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Making Mediation Mandatory Before Families Lose Their Homes

Pedro Nava | Posted 05.25.2011 | Politics
Pedro Nava

Mediation is not a one-side concept -- lenders and servicers have every incentive to participate. So what is the better outcome? Foreclosure or a modification that encourage stability?

Shahien Nasiripour

Obama Foreclosure Plan Falling Far Short Of Targets

HuffingtonPost.com | Shahien Nasiripour | Posted 05.25.2011 | Business

The Obama administration disclosed on Friday that it has made little progress in helping struggling homeowners attain long-term relief under its signa...

Shahien Nasiripour

The Economist The Obama Administration Should Have Listened To

HuffingtonPost.com | Shahien Nasiripour | Posted 05.25.2011 | Business

Eight months ago, the Obama administration launched a plan to help troubled homeowners avoid foreclosure by providing $75 billion in taxpayer funds to...

Shahien Nasiripour

Bailout Watchdog: Obama Foreclosure Plan Inadequate, New Direction Needed

HuffingtonPost.com | Shahien Nasiripour | Posted 05.25.2011 | Business

This story has been updated Add Elizabeth Warren, the Harvard Law professor-turned-crusader for Main Street and the middle class, to the growing list...

Loan Modification: Banks Finally Agree To Reduce Principal For Borrowers

wsj.com | JAMES R. HAGERTY | Posted 05.25.2011 | Business

Banks and loan investors are starting to bite the bullet and lower the principal due on home mortgages for some struggling borrowers, a new report fro...

Loan Modifications: Half Of All Who Get Help End Up Falling Behind

AP | Alan Zibel | Posted 05.25.2011 | Business

WASHINGTON - Lenders are ramping up efforts to avoid home foreclosures, but a report by bank regulators says more than half of borrowers who get help ...

Loan Modifications: Half Of All Homeowners Who Help End Up Redefaulting

AP | ALAN ZIBEL | Posted 05.25.2011 | Home

WASHINGTON — Lenders are ramping up efforts to avoid home foreclosures, but a report by bank regulators says more than half of borrowers who get help fall behind again.

More than 50 percent of homeowners with loans modified in the first half of last year had missed at least two months of payments a year later, the federal Office of the Comptroller of the Currency and the Office of Thrift Supervision said Wednesday.

But the results were better among those who saw their payments drop substantially.

About one in three borrowers whose monthly payments were reduced by 20 percent or more had fallen behind again within a year. That compares with more than 60 percent for borrowers whose loan payments were left unchanged or increased.

The report by highlights a significant challenge for the Obama administration's plan to tackle the foreclosure crisis, backed by $50 billion in money from the financial industry bailout fund.

Mortgage Modifications Are Increasing Payments, Fees For Some Homeowners

usatoday.com | Stephanie Armour | Posted 05.25.2011 | Business

Tens of thousands of financially strapped homeowners who have asked lenders to lower their mortgage payments are instead winding up with higher monthl...

While Debt Mounts, Couple Chases BofA Loan Modification

ProPublica | Alexandra Andrews | Posted 05.25.2011 | Business

Bank of America is the biggest mortgage servicer in the business. And judging by Treasury Department data, its customers searching for loan modificati...

About 60,000 Homeowners Have Refinanced Under Obama's Plan

washingtonpost.com | Renae Merle | Posted 05.25.2011 | Business

A government program that allows borrowers with little or no equity in their home to refinance has helped about 60,000 homeowners so far, according to...

Government-Backed Mortgage Companies Accused Of Harassing Borrowers

AP | DANIEL WAGNER | Posted 05.25.2011 | Business

WASHINGTON — Billions of dollars the government is spending to help financially pressed homeowners avert foreclosure are passing through –...

Only 15 Percent Of Eligible Have Been Offered Mortgage Help

AP | ALAN ZIBEL | Posted 05.25.2011 | Business

WASHINGTON — The government's $50 billion program to ease the mortgage crisis is helping only a tiny fraction of struggling homeowners, and a li...

Foreclosures Often More Profitable For Lenders

washingtonpost.com | Renae Merle | Posted 05.25.2011 | Business

Government initiatives to stem the country's mounting foreclosures are hampered because banks and other lenders in many cases have more financial ince...

Subprime Lenders Are Modifying Home Loans For Government

nytimes.com | PETER S. GOODMAN | Posted 05.25.2011 | Business

LOS ANGELES -- From the ninth floor of a downtown office building on Wilshire Boulevard, Jack Soussana delivered staggering numbers of mortgages to ho...